324 Grand River Dr · Adrian, MI 49221

$28,000

2 bd · 2.0 ba · 958 sqft · Manufactured · 97 Days on market

Built 2009 Est $25k · 12% over

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Why this score? — see what drove the D- grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +15.0/30.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Schools +3.5/10.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +1.9/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

Great condition single-wide for sale in Hidden River South. This 2009 model features 2 bedrooms, 2 full baths, nice flooring, ramp for easy access and a shed. Lot rent is $750/mo. Contact agent for financing options with as little as 10% down.

Key facts

• Ramp for easy access
• Shed
• Built 2009

Tags

• RAMP FOR EASY ACCESS
• SHED

Property features AI

Exterior

• Utilities: Public water
• Home design: Ranch-style single-family residence; Built in 2009
• Construction: Vinyl siding construction
• Exterior features: Public water

Interior

• Kitchen: Dishwasher; Microwave; Oven; Range; Refrigerator; Kitchen area (approx. 6 x 13)
• Bedrooms: Primary bedroom (approx. 11 x 13); Second bedroom (approx. 11 x 12)
• Bathrooms: 2 full bathrooms
• Heating & cooling: Forced air heating; Has cooling
• Interior features: Ramped entrance; Total of 4 rooms

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $28k.

Deal economics

• At list price, monthly cash flow is $781 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $28k).
• Recommended offer: $25k (9.0% below list) — sets the bar for market timing.
• Cap rate 39.8% vs local median 5.7% in Adrian — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 69/100 on livability (#342 in MI) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities D, crime F, commute F.
• Madison School District (Lenawee) (town): math 34% / reading 51% proficiency, ranked #195 of 540 in MI (top 36%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 214 active listings in the ZIP; 137 units permitted in Lenawee County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $194 of loan paydown is wiped out by about $840 of value loss. Plan a longer hold.
• Lenawee County population projected at -18% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $8k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 97 days — a 9% lower offer ($25k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Recommended offer $25,480 (9.0% below list)

Questions for the listing agent

1. It's been on market 97 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
5. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
6. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
7. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
8. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 4.41% ✓
• Cap rate: 39.78%
• Cash-on-cash: 119.61%
• DSCR: 6.32
• GRM: 1.9

CMA / ARV

• ARV (on-the-fly): $24,908
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
324 Grand River Dr	0.00mi	2/2.0	958 (0%)	1mo	$25,000	$26	99
71 Oneida	0.67mi	2/1.0	924 (-4%)	5mo	$19,900	$22	55

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 6.77×
• Total profit: $45,253
• Equity at exit: $4,175

10-year hold

• IRR: —
• Equity multiple: 14.21×
• Total profit: $103,570
• Equity at exit: $2,421

Cash invested: $7,840 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 62 Landlord-Friendly
• State Michigan: 62 Landlord-Friendly · EVEN
• County: — inherits STATE
• City: — inherits STATE

7-day pay-or-quit; mixed climate; Detroit/AA have some protections.

Methodology + full state rankings →

ZIP-level market 49221

• Active inventory: 214
• Price-to-rent: 1.9×

Monthly cashflow live

• Estimated rent: $1,234 medium
• Mortgage (P&I): −$147
• Tax est. 1.5%: −$35 /mo · $420/yr
• Insurance: −$12
• HOA: −$0
• Vacancy / Maint / Mgmt: −$259
• Net cashflow: $781

Break-even live

Break-even rent $245

Max offer price $28,000

Occupancy floor 32%

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $7,000
• Closing costs: $840
• Reserves months: —
• Total cash needed: —

Listing history 12 events

1. 2026-05-04
   status Pending 243-char remark

   Show marketing remark (243 chars)

   Great condition single-wide for sale in Hidden River South. This 2009 model features 2 bedrooms, 2 full baths, nice flooring, ramp for easy access and a shed. Lot rent is $750/mo. Contact agent for financing options with as little as 10% down.

2. 2026-05-04
   status Pending 243-char remark

   Show marketing remark (243 chars)

   Great condition single-wide for sale in Hidden River South. This 2009 model features 2 bedrooms, 2 full baths, nice flooring, ramp for easy access and a shed. Lot rent is $750/mo. Contact agent for financing options with as little as 10% down.

3. 2026-05-04
   status Pending

   Show marketing remark (243 chars)

   Great condition single-wide for sale in Hidden River South. This 2009 model features 2 bedrooms, 2 full baths, nice flooring, ramp for easy access and a shed. Lot rent is $750/mo. Contact agent for financing options with as little as 10% down.

4. 2026-05-01
   status Active 243-char remark

   Show marketing remark (243 chars)

   Great condition single-wide for sale in Hidden River South. This 2009 model features 2 bedrooms, 2 full baths, nice flooring, ramp for easy access and a shed. Lot rent is $750/mo. Contact agent for financing options with as little as 10% down.

5. 2026-05-01
   status Active 243-char remark

   Show marketing remark (243 chars)

   Great condition single-wide for sale in Hidden River South. This 2009 model features 2 bedrooms, 2 full baths, nice flooring, ramp for easy access and a shed. Lot rent is $750/mo. Contact agent for financing options with as little as 10% down.

6. 2026-05-01
   status Active

   Show marketing remark (243 chars)

   Great condition single-wide for sale in Hidden River South. This 2009 model features 2 bedrooms, 2 full baths, nice flooring, ramp for easy access and a shed. Lot rent is $750/mo. Contact agent for financing options with as little as 10% down.

7. 2026-02-11
   historical Active Under Contract 243-char remark

   Show marketing remark (243 chars)

   Great condition single-wide for sale in Hidden River South. This 2009 model features 2 bedrooms, 2 full baths, nice flooring, ramp for easy access and a shed. Lot rent is $750/mo. Contact agent for financing options with as little as 10% down.

8. 2026-02-11
   historical Accepting Backup Offers 243-char remark

   Show marketing remark (243 chars)

   Great condition single-wide for sale in Hidden River South. This 2009 model features 2 bedrooms, 2 full baths, nice flooring, ramp for easy access and a shed. Lot rent is $750/mo. Contact agent for financing options with as little as 10% down.

9. 2026-02-11
   historical Active - Backup Offers Accepted

   Show marketing remark (243 chars)

   Great condition single-wide for sale in Hidden River South. This 2009 model features 2 bedrooms, 2 full baths, nice flooring, ramp for easy access and a shed. Lot rent is $750/mo. Contact agent for financing options with as little as 10% down.

10. 2026-01-27
    listed $28,000 Active 243-char remark

    Show marketing remark (243 chars)

    Great condition single-wide for sale in Hidden River South. This 2009 model features 2 bedrooms, 2 full baths, nice flooring, ramp for easy access and a shed. Lot rent is $750/mo. Contact agent for financing options with as little as 10% down.

11. 2026-01-27
    listed $28,000 Active 243-char remark

    Show marketing remark (243 chars)

    Great condition single-wide for sale in Hidden River South. This 2009 model features 2 bedrooms, 2 full baths, nice flooring, ramp for easy access and a shed. Lot rent is $750/mo. Contact agent for financing options with as little as 10% down.

12. 2026-01-27
    listed $28,000 Active

    Show marketing remark (243 chars)

    Great condition single-wide for sale in Hidden River South. This 2009 model features 2 bedrooms, 2 full baths, nice flooring, ramp for easy access and a shed. Lot rent is $750/mo. Contact agent for financing options with as little as 10% down.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥98°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $14,810
• − Mortgage interest: −$1,568
• − Property taxes: −$420
• − Insurance: −$140
• − Repairs & maintenance: −$1,185
• − Management: −$1,185
• − Depreciation: −$815
• Taxable income: $9,497
• Est. tax owed @ 24.0%: −$2,279
• After-tax cash flow: $7,098/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Madison School District (Lenawee)
• NCES district ID: 2622320
• Math proficiency: 34% ▼ -10.00%
• Reading proficiency: 51% ▼ -5.00%
• Median HH income: $37,961
• Composite: 35.35/100
• National rank: #4959
• State rank: #195 of 540 in MI

Livability — Adrian

• Score: 69/100
• State rank: #342
• US rank: #8722

Category grades

Amenities D Commute F Cost of living A+ Crime F Employment D- Housing A+ Health & safety A+ User ratings F

Schools grade is shown separately in the Schools card above.

Census & demographics

• City population: 41,041
• Population (ZIP): 41,041

Population outlook (Lenawee County) Hauer SSP2

• Today (2025): 95,497 people
• By 2030: 92,722 · -2.9%
• By 2040: 85,641 · -10.3%
• By 2050: 77,971 · -18.4%
• By 2075: 60,043 · -37.1%
• By 2100: 41,468 · -56.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (77%)
• Race & ethnicity: White 77% Hispanic / Latino 14% Two or more races 8% Black 4%
• Hispanic origin (detail): Mexican 12%
• Common ancestry: Romanian 3% Lithuanian 3% Italian 2%
• Foreign-born: 3% · Canada
• Languages at home: 93% English-only · Spanish 6% Arabic 1%

Political lean MEDSL · Lenawee

• 2024 margin: Strong R (+23.0) · D 37.8% · R 60.8% · Other 1.4%
• 2008→2024 swing: -28.1pp toward R · 2008: 5.1pp · 2024: -23.0pp
• All cycles: 2024: R+23.0 2020: R+19.9 2016: R+21.1 2012: R+1.3 2008: D+5.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -143.64%
• Current HPI: 237.3796
• Rent YoY: —
• Metro: —
• State GDP YoY: ▲ 1.37%
• F500 in state: 28

Industry mix (Fortune 500 HQ in MI)

Industry	F500 HQs	Revenue
▸Automotive Parts	3	$48B
▸Automotive	2	$372B
▸Chemicals	1	$45B
▸Automotive Retail	1	$29B
▸Healthcare / Medical Devices	1	$23B
▸Automotive Technology	1	$20B

Price history

+0.0% since first listed

12 events — show timeline

• 2026-05-04 Pending — REALCOMP
• 2026-05-04 Pending — MiRealSource-MiMLS
• 2026-05-04 Pending — SW Michigan MLS
• 2026-05-01 Relisted — REALCOMP
• 2026-05-01 Relisted — MiRealSource-MiMLS
• 2026-05-01 Relisted — SW Michigan MLS
• 2026-02-11 Contingent — REALCOMP
• 2026-02-11 Contingent — MiRealSource-MiMLS
• 2026-02-11 Contingent — SW Michigan MLS
• 2026-01-27 Listed $28,000 SW Michigan MLS
• 2026-01-27 Listed $28,000 MiRealSource-MiMLS
• 2026-01-27 Listed $28,000 REALCOMP